At the end of October, The Financial Services Authority (FSA) will begin regulating the mortgage industry in an effort to simplify the "regulation landscape" and offer greater protection for consumers.

The FSA will oversee both the selling of residential mortgages and the advice associated with the sales process.

The change was announced by the Treasury back in 2001 with the purpose of regularising standards of advice and protecting consumers from potential mis-selling.

On Friday the UK's third largest lender Abbey told Money Box it was withdrawing its range of flexible products ahead of the rule change.

Abbey helpline: 0800 555 100

If you have an Abbey mortgage, or have applied for one, and are concerned this affects you, you can call the Abbey helpline for advice

The bank would not explain why the products had been pulled, nor when they would be reinstated.

But it did stress that all other mortgage deals it will offer from 31 October - which has become known as Mortgage Day (M day) - will conform to the new requirements.

Around 200 customers will be affected. Their applications for the Flexible Plus Tracker, the Deal for Life and Reward Mortgage are still being processed.

Abbey said it was "confident" it could complete these before M-Day. If it cannot, the customers would lose their mortgages.

We heard from Sarah Wilson of the Financial Services Authority, Michael Coogan of the Council of Mortgage Lenders and Luke March from the Mortgage Code Compliance Board.

We then discussed the regulatory changes in detail with Ray Boulger of mortgage brokers Charcol.